Pakistan is expected to sell shares of the Roosevelt Hotel in New York’s Manhattan to Qatar in return for Doha’s investment in the aviation sector, citing sources, ARY News reported Wednesday.
During Prime Minister Shehbaz Sharif’s visit to Qatar, a massive investment is likely to be made in Pakistan’s aviation sector by Doha. Sources said that Qatar expressed interest in making investments in the airports and hotel sectors.
It was learnt that the federal government will hand over administrative affairs of Islamabad International Airport to Qatar, whereas, a Qatari company will provide the relevant services of the airport’s terminal and cargo.
Reports said that the Qatar Government will be given shares of the Roosevelt Hotel in New York’s Manhattan financial centre in return for the investment. The investment will be received through state-to-state agreements between Pakistan and Qatar.
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Earlier in the day, it emerged that Qatar has agreed to make investments of up to $3 billion in Pakistan as Prime Minister Shehbaz Sharif is currently in the country to cement bilateral ties between the two nations.
Sources closer to Finance Ministry revealed that Qatar will be making immediate investments in multiple sectors in Pakistan.
“The Qatari officials have shown their interest in making investments at Karachi and Islamabad airports,” they said, adding that Qatar’s investment authority will ensure bringing investments in the least possible time.
The shares and managerial control of the Roosevelt Hotel in the US are also likely to go into the hands of Qatari authorities, it was learnt.
The Roosevelt Hotel, established in 1924, is among the historic hotels in the United States and is situated in the luxurious downtown area of Manhattan.